VDC launches pounds 30m Lawrence bid

AIM-LISTED VDC, a distributor of drugs and surgery instruments to veterinarians, has launched a pounds 30m bid for rival Lawrence in an attempt to head off a pounds 20.7m hostile bid from cattle-breeding company Genus.

VDC, which already controls 76.2 per cent of Lawrence, has offered 66 of its own shares for every 30 Lawrence shares, valuing each Lawrence share at 435.6p - a 22 per cent premium on Friday's closing market price. The two companies said they plan to form the largest Alternative Investment Market-listed animal health and additives company.